Selling in less than 24 hours. All-cash offers. Bidding wars with outrageous offers thousands over asking.
Sound familiar? No doubt you know at least a handful of people going through something similar. The housing market was on fire through the spring and summer months and is expected to sizzle at least through the fall. So whether you’re looking to buy, sell or even stay put, there are ways to benefit from the real estate boom.
No one can say for sure what’s going to happen to the housing market in the future, but what goes up must (at some point) come down. It’s important to stay informed on the current trends as you continue or start your homebuying journey. If you’re ready to explore your options and learn more about current rates, contact one of our experienced Mortgage Loan Officers today.
TIPS FOR BUYERS
1. Come prepared with a preapproval letter
It’s important to know how much house you can afford. Plus, getting preapproved for a mortgage shows the buyer you’re serious by proving you have the funds available to complete the purchase. Additionally, if you have a house to sell, talk to your lender about options. Being “subject to sell” or “contingent” is much less attractive in a multiple offer situation compared to a clean offer or straight cash.
2. Set realistic expectations
A hot market is kind of like the Wild West — anything goes, including over-the-top offers and waived inspections. Don’t get too heartbroken if you don’t win in a competitive offer situation, especially if you’re a first-time homebuyer.
TIPS FOR SELLERS
1. Consider a pre-listing property inspection
Savvy sellers are getting ahead of the game by completing pre-inspections before listing. This way, they know the condition of their home and have the opportunity to make any repairs or address issues that could otherwise hold up closing.
2. Paint and carpet sell houses
Most realtors will tell you that dingy, worn-down carpets make a hard sell. Dirty, peeling walls (or … gack … wallpaper) can scare off buyers too. If you’re competing for top dollar, shampoo or replace your carpet and touch-up or repaint your walls — preferably in a neutral color to appeal to as many people as possible. (Don’t be offended if not everyone shares your affinity for a pumpkin orange living room.)
TIPS FOR STAYING PUT (FOR NOW)
Perform periodic property assessments
Even if you’re not looking to sell anytime soon, it’s a good idea to schedule regular home and property assessments every few years (particularly if you own rental properties). Staying proactive and taking care of any repairs will help keep your home and appliances in tiptop shape. Plus, you’ll be that much closer to being ready to sell if you wanted to cash in on the current seller’s market.
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